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Regulators Urge Quick Revamp of Euribor

LONDON—Two European regulators said the continent's most prominent benchmark interest rate has "significant weaknesses," and urged the banking group that oversees the rate to quickly revamp it.

The regulators' conclusion represents the latest blow to the euro interbank offered rate, or Euribor, and the European Banking Federation that oversees it. The rate, which serves as the basis for trillions of euros worth of loans and other financial contracts, has been tarnished by banks' attempts to manipulate it and by...